Cummins Inc. $CMI Shares Sold by Royce & Associates LP

Royce & Associates LP trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 45.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 5,500 shares of the company’s stock after selling 4,500 shares during the period. Royce & Associates LP’s holdings in Cummins were worth $2,807,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CMI. Thompson Investment Management Inc. acquired a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Activest Wealth Management raised its stake in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $27,000. Ares Financial Consulting LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $29,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on CMI. Argus set a $696.00 target price on Cummins in a research note on Tuesday, February 10th. Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $700.50.

Cummins Stock Down 3.3%

Shares of NYSE:CMI opened at $646.53 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business has a fifty day moving average of $623.70 and a two-hundred day moving average of $569.87. The stock has a market cap of $89.22 billion, a P/E ratio of 33.55, a PEG ratio of 1.57 and a beta of 1.27. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.96 EPS. On average, research analysts expect that Cummins Inc. will post 29.4 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, May 22nd. Cummins’s dividend payout ratio is presently 41.52%.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,633 shares of company stock worth $11,653,357 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.